Question
Please answer all of the quesitons below, Just provide the correct letter THANK YOU 35. Which of the following is not a control that generally
Please answer all of the quesitons below, Just provide the correct "letter" THANK YOU
35. Which of the following is not a control that generally is established over cash receipts?
A To prevent abstraction of cash, a control listing of cash receipts should be prepared by mailroom personnel.
B To insure accurate posting, the accounts receivable clerk should post the customers' receipts from customers' checks.
C To insure accuracy of the accounts receivable records, the records should be reconciled monthly to the accounts receivable controlling account.
D To prevent theft of cash, receipts should be deposited daily.
36 Which of the following is not a universal rule for achieving internal control over cash?
A Separate recordkeeping from accounting for cash to the extent possible.
B Deposit each day's cash receipts intact.
C Separate cash handling from recordkeeping.
D Have monthly bank reconciliations prepared by employees not responsible for the issuance of checks.
37. Which of the following is not a control over cash disbursements?
A Disbursements should be made by check.
B A check protecting machine should be used.
C Documents supporting the payment of a disbursement should be canceled by the person preparing the check to prevent reuse.
D Voided checks should be defaced and filed with paid checks.
38 Properly designed internal control will permit the same employee to:
A Receive and deposit checks, and also approve write-offs of customer accounts.
B Approve vouchers for payment, and also receive and deposit cash.
C Reconcile the bank statements, and also receive and deposit cash.
D Sign checks, and also cancel supporting documents.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started